OMV Announces Purchase Of Preussag’s International E&P Portfolio

Austrias oil and gas group OMV announced on 22 January that as of 1 January it had acquired the entire international E&P portfolio of Preussag Energie, a wholly-owned subsidiary of TUI AG for around 300mn. TUI, the tourism group with holdings in the energy industry, made the sale with the intention to withdraw from the oil and gas business. The sale will be financed by cash flow and bank...